Does anyone have some good advice on where I could put my money prior to purchasing a positively geared property*. Every time I’m thinking of making a purchase, I always seem to get caught out by having my funds tied up in “fixed term” bank deposits. Also, I don’t want to put this money into an “at call” account because the interest rates are so poor. My strategy is to get a relatively conservative 50% 50% loan ratio to enable me to get a reasonable cash flow from my investment. Hence – the monies I’m talking about are reasonably large and over a short period of time – 1% or 2% make a considerable difference.
Any assistance in this regard would be kindly appreciated.
P.S. *I know that a few investors may have some novel ideas which may include transferring my money into their personal bank account but at this stage in my life – I’d like to decline from taking up your kind offer – Thanks anyway. [
What about the online ING account. rates are about 4 to 5%.
Terryw
terry@discoverhomeloans.com.auTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
HI Terry
I tried to find my way around the ING website. I was looking for a high interest rate to put some funds into in my kids names. They received some cash from their Granny and it needs to be put in a guaranteed investment.
I couldn’t find anything that resembled what you quoted. Help!!Hi Terry,
May be you could put your money into liquid bonds. They are above 5% at the moment, and you can cash them out at anytime.Good look investing.[
The ING site is different from the INGdirect site which is what you are after!! they offer 4.75%.
Cheers
Wilko
Thank you Terryw, jellybabes, angels and Wilko91 for your advice. It was well received.[
Look at a magazine like MONEY and they have funds
that have 7% to 8% with no exit fees etc.
but for online banking go for a credit union, AMP,
or StGeorge DragonDirect.
and also put the funds in the name of a kid or
someone who earns the least (for tax purposes)Thanks Sach – another good idea.
“Many brains (I should say “hands”but brains, is more appropriate in this situation) make light work.” [|)][|)][|)]
I’ve got an Adelaide bank account, 5% interest, low fees (I haven’t been charged any yet!), regular access like any other bank.
“If you can count your money, you don’t have a billion dollars”
J. Paul GettyIf you have an existing loan use your existing cash to partly repay the existing loan – provided there is a redraw facility.
And if there isn’t or if that isn’t possible, consider switching to a loan with a redraw type of facility.
And what about paying off your credit card temporarily or permanently ?
Pisces133
Thanks Leigh and PeterM for your advice.
Johnny, any luck yet in finding and deciding what
to do with the money deposit. Keep looking, you
will find it.Thanks Sach for getting back to me again. I’m still weighing up each option. [
You may also like to look at the Lutheran Laypeoples League of Australia. It works just like a Credit Union account, albeit no fees at all. They even do cheques for you (FREE)and have a great interest rate. http://www.lll.org.au.
All transactions can be done over the www. If you have cash it can be deposited at any of the big 4 banks all over Oz.
Having said that, I think http://www.ingdirect.com.au is also a great idea!
regards
Marco
Thanks Marco – that was a great idea. I’m a Christian, so investing in a fund like that appeals to me. [
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